Dogecoin, which started as a joke, has long been the undisputed king of meme currencies and has gained a huge following since its inception. In a recent analysis shared on social media platform X, cryptocurrency analyst Master Kenobi made a compelling case for Dogecoin as a superior cryptocurrency Compared to Bitcoin.
Exceptional historical performance compared to Bitcoin
Bitcoin, the largest cryptocurrency asset in the world, It outperformed all other assets In traditional finance in the past decade since its inception. However, as Master Kenobi He pointed out,Dogecoin It has already outperformed Bitcoin Since its launch date.
Master Kenobi noted that since its inception on December 8, 2013, Dogecoin has seen a remarkable growth of approximately 883,920% to its all-time high. In contrast, the growth of Bitcoin during the same period is about 17,234%. This significant outperformance underscores Dogecoin’s potential as a high-return investment.
Unlike the fixed supply of Bitcoin, DOGE uses a constant inflation model, introducing about 5 billion new coins annually. Some may see this inflationary trend as a negative for Dogecoin, but memecoin supporters always stress that it is a desired feature. According to Kenobi, with the total circulating supply of DOGE currently at over 140 billion DOGE, the annual issuance is now mostly insignificant, and its impact will continue to decline over time. Furthermore, the rate of adoption of Dogecoin has far exceeded the rate of inflation.
Finally, the analyst highlighted Dogecoin’s current low price as one of its biggest advantages over Bitcoin. The relatively low price per unit of DOGE makes it attractive to retail investors, who can acquire thousands of DOGE for the cost of a fraction of a bitcoin. On the other hand, Bitcoin is now seen as a tool for institutional investors due to its currently high price.
This affordability, combined with Dogecoin’s strong community and meme culture, makes it even more attractive as an accessible cryptocurrency.
Current status of Dogecoin
At the time of writing, Dogecoin is trading at approximately $0.38, with a 24-hour trading volume of $10.56 billion and a market cap of $55.8 billion. DOGE, which recently traded at $0.42 for the first time in two years, is now finding a correction in its price since October 13, after hitting a low of $0.356 in the past 24 hours.
However, Dogecoin maintained its gains over both the seven-day and 30-day periods, indicating an uptrend. As such, the meme is definitely on track to end the month with a bullish close. There is also a possibility Reaching a new all-time high above $0.73 before the end of 2024. This optimism is fueled in part by the recent US presidential election, in which President-elect Donald Trump Express a positive attitude towards cryptocurrencies.
Featured image created with Dall.E, chart from Tradingview.com